At-Bay pulled in a $13 million round of new funding. Plans call for using the cash infusion to propel a debut of its cyber insurance products and quicken development of a proactive cybersecurity monitoring service.
Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed Venture Partners and entrepreneur Schlomo Kramer co-led the Series A financing.
The new round of cash for the California-based startup builds on a $6 million seed financing disclosed in November. Lightspeed led that round, though Kramer and LocalGlobe participated, too. At-Bay’s policies are backed by Munich Re’s Hartford Steam Boiler.
Additionally, Kramer, a co-founder of cybersecurity companies Check Point and Imperva, and co-founder/CEO of Cato Networks, a cloud-based network security provider, will join the company’s board.
At-Bay touts its approach as a new way of measuring risk, using in-depth risk research blended with an ability to adjust risk models in real time based on future expectations (known as heuristics). This goes beyond traditional methods of legacy insurance carriers, which use historical data to predict future risk. At-Bay said it also monitors risk continuously, and that its methodology helps give clients an updated and future-forward assessment of risk.
“The At-Bay cybersecurity research and modeling approach predicts future risks based on emerging threats,” the company explains in its funding announcement. “Scans for new vulnerabilities enable the company to help its customers close security holes quickly and avoid loss.”
Separately, At-Bay also has a digital platform that the startup says is intuitive and combines its insurance product with risk insights. As a result, brokers can have more insightful discussions with clients about issues including security and financial exposure, case studies, and benchmark data, At-Bay said. The idea here, according to the company, is that “fast, digital and collaborative applications make for a low-friction sales process.”
At-Bay was founded in 2016, with headquarters in Mountain View and an R&D center in Tel Aviv.
Source: Mountain View